For every brand, generational change is a big challenge. Who is this new generation? What motivates them? How are they different from the rest of the population? Right now, we have to get ready for Gen Z, a generation of young people born after 1996 who are now joining the global workforce and have become an important group of consumers.

Most people I speak to are surprised when I tell them that Gen Z already numbers nearly two-and-a-half billion people. That’s more than the much-discussed Millennials. For us at Samsung, generational change is nothing new. We are in our 50^th year as a company, and truly understanding consumers – their wants, needs and aspirations – has always been at the heart of our innovation. The way I see it, Samsung is not so much about the technology we create; rather, it’s about giving people the tools they need to do what they can’t.

Still, with every generation, we have to rethink how we can make that happen. After all, the relationship between brands and consumers is constantly changing, so we have to ask ourselves: what do we need to do to remain relevant?

A Generation of Dreamers

Every generation is unique in its own way, and Gen Z is no different. But I thought it would be useful to share some of our insights into this new generation, because I believe that their values and their motivations are very close to what Samsung stands for.

We started our research by asking who Gen Z are. Yes, they are highly diverse and unique, but what have they got in common that drives them? What do they value the most? We did surveys, and we spoke to many of them directly, really listening to what they had to say.

What we learned is that Gen Z is a very resilient generation. They’ve grown up during an economic downturn and global crises – but they haven’t given up hope. In fact, they are determined to change the world for the better.

So, they are dreamers, but they are dreamers with purpose. They know what they want and are passionate in what they stand for, and they expect the same from brands. They dream big, and we must dream with them.

The Era of ‘Storyliving’  

For this new generation of change-makers, it isn’t enough for brands to simply have great products or services. Gen Z cares about a brand’s values and how they measure up against their own. Seventy-seven percent of them believe that ‘doing good’ should be an integral part of running a business. This means that brands can no longer just focus on storytelling, for this is the era of ‘storyliving.’

Here at Samsung, we’ve had to really consider how our own values match up.

Gen Z is a generation that dreams of defying barriers – and so do we. “Do What You Can’t” is our rallying cry. It embodies what we stand for as a brand, and I think that resonates perfectly with the Gen Z outlook.

With a mindset of relentless innovation, we continue to seek out new opportunities to create experiences that can change people’s lives.

This is about so much more than just technology. It’s about the value we deliver. Whether that’s with the Be Fearless virtual reality app, which helps people tackle their deepest fears, such as a fear of public speaking or height anxiety, to the Samsung Blind Cap, which enables Paralympic swimmers to receive cues from their trainers indicating when to flip at the end of their lane.

Defying Barriers

Gen Z are mankind’s first true digital natives. They don’t know a life without the internet, and using technology is completely natural to them. I find that very exciting, because I really do believe that they are going to unlock the potential of our technology like no generation before.

They are going to use technology to reach new heights, and we are going to be right there with them on that journey. 

We connect with them by helping them succeed. And that starts with what we do best: listening and understanding. We want to help them achieve their potential with whatever tool, skill or lifehack they need.

But Gen Z is about as diverse as can be, and Samsung is a global brand that must cater to the individual on an international scale. In every region, country and even community, we take our core values and apply them on a local level to address specific needs. 

In Kings Cross, London, an exciting project is underway that really showcases what this looks like.

Samsung is creating a new space in an area that has already undergone big changes, leaving some locals feeling disconnected. We want to help – not by prescribing solutions, but by listening and helping where there’s a need. That’s why I don’t see Samsung Kings Cross as a store, but as a hub of culture, innovation and learning. We’re even recruiting staff that can speak all the different languages found in the local community – including British Sign Language, because there is a large school for the deaf nearby.

We will listen to this new generation, and we will help them drive positive change, achieve their potential, be responsible citizens, and dream… with purpose.

Our goal is to be an authentic, relevant brand that resonates with Gen Z. I’m confident that we can do that, because social purpose has always been a part of Samsung’s DNA.

* This editorial is based on YH Lee’s address at Cannes Lions 2019.

Yet, despite the low number of millennial home purchases, the majority of the demographic agrees that owning a home is necessary to live The American Dream and be a respected member of society. It is predicted that once the generation starts to tie the knot, home ownership will greatly increase.

Millennials already have a good idea of what they want from a home, so when they do start to buy, they will demand certain features, no doubt different from those desired by baby boomers and Generation Xers. So what exactly do millennials want in a home?

Smart, Safe and Secure

As the first generation to have had access to the Internet during their formative years, millennials value technology, and as such, tech-friendly homes will play a vital role in their lifestyles. The next generation of homeowners will set the pace for utilizing new technology in the home, making tasks such as running a load in the washing machine and lowering the temperature of the thermostat from a smartphone the new norm.

The majority of millennial women questioned in a recent survey believe that smart technology makes the home safer and more enjoyable. Participants of the survey report that indoor and outdoor lighting, door locks and security cameras are the areas in which they are most likely to adopt new technology, while identifying the kitchen, laundry room and living room as areas that would benefit most from smart tech. Despite the increased cost of such smart devices and services, millennials are more likely to view these as a good home investment for the long term.

Emerging devices such as Samsung’s SmartThings Hub and the corresponding free app make intelligent living possible, allowing users to easily customize the home to one’s personal preferences, another important determinant of millennial home buying. While homeowners of the past hoped to purchase new or newly remodeled homes, younger generations prefer fixer-uppers. This “entitled” generation is least likely to expect their next home to be recently built, instead opting for a house they can repair and improve on their own, incorporating their personal preferences into the home’s design.

Purposeful Places and Spaces

Among these customization projects is the desire to make each room serve a purpose fit for the homeowner’s lifestyle. For example, millennials are straying from jobs with traditional 9-to-5 hours and instead choosing to start their own businesses and side projects. As such, they want their living spaces to be places to do work, rather than places to go after work, and are transforming less frequently used rooms such as the dining room into their home offices. They value living environments that are conducive to creativity and encourage productivity.

Along these same lines, television, movie and sport watching to the demographic, as is space to entertain their social networks, who are value to the cohort that has, for the most part, delayed getting married and having children. And with multi-room services and devices, millennials can be entertained in just about part of the house. Additionally, Smart TVs satisfy millennials’ needs for immediacy and seamless social media access during their favorite programs and sports events.

While previous generations counted calories, millennials focus more on food that is fresh, less processed and has fewer artificial ingredients, as evidenced by their preference for specialty grocers and farmers’ markets. Their passion for local, sustainably grown produce has catalyzed a movement in urban gardening and a collective passion for food in general has been the foundation of a growing foodie culture that millennials will no doubt incorporate into their homes as much as they do their Instagram accounts.

The Samsung Chef Collection refrigerator, for example, has been designed with the millennial in mind, utilizing temperature control features to keep food fresher longer. Likewise, the collection’s microwave includes a quick-access commercial grade filter that captures 56 percent more oil than traditional filters. Appliances like these that cater to the healthier lifestyles of these foodies will be of upmost importance.

Energy Efficiency for Long-Term Savings

Finally, as a more eco-conscious generation, millennials see the importance in saving energy, both to do their part to help the environment, as well as save money, and are willing to pay a bit more for energy efficient appliances. According to a recent survey conducted by the National Association of Home Builders, one of the most desired features mentioned by millennial home builders is Energy Star-rated appliances, which help to reduce greenhouse gas emissions and prevent climate change. Respondents noted they are willing to pay more for such devices, so long as there is a long-term cost savings attached to their purchases.

Although millennials are delaying marriage and homeownership, it’s highly likely that their desire to own a home remains strong and their attitudes toward purchasing a house are optimistic. With a steadily improving job market, along with government sponsored enterprises such as Fannie Mae and Freddie Mac lowering down payments to 3 percent for first-time home buyers, it is likely that millennials will soon have a place to call home, sweet (smart) home.